Many of the major banks have adopted a categorical approach to risk and declined to do business with money service businesses (“MSBs”). A categorical approach may seem justified based on risk tolerance but it represents a simplistic answer to an otherwise complex issue. To put it another way, “it represents lazy compliance thinking” according to Read more about The Banking Stepchild: Money Service Businesses[…]
It is often assumed that traditional banks are cheaper, more transparent and better for people than money service businesses – payday lenders, check cashers and so on. “If we could just educate the “unbanked” and “underbanked” and usher them into the modern financial system with a bank account, their fortunes would surely improve” A university of Pennsylvania Read more about The unbanking of America[…]
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